Shares of indigenous defence players saw an uptick close to the end of Thursday’s trading session as India and the United Kingdom announced a £350 million or Rs 4,251 crore deal to deliver UK missiles for the Indian Army. Mishra Dhatu Nigam Ltd. and Mazagon Dock Shipbuilders Ltd. lead the rally.
The deal paves the way for a broader complex weapons partnership between the UK and India, currently under negotiation between the two governments. Defence counters were largely trading over 1% higher, with Mishra Dhatu posting the highest advance of over 3%. The Nifty India Defence index also posted the second highest gains amongst sectoral indices, up 1.66% as of 3:25 p.m.
